Does trans fluid wear out

Sorry to interrupt again, the reason i am asking is I just rebuilt a 340 and had someone build me a 727. I put 'em in, and my original rad sprung a leak, she got engine temps up to 230 as I got home and parked. It did not stay that way, just got there and let it cool off, I live in Fl, but the temp came down quick, as I saw it getting hot and brought her home. Any ideas? I am hoping I did not fry my trans.......still shifts, but have not drove as have not resolved rad issue....Thank You all!!!!!!!!!!! Running an older MP 2200 stall w/ 4.30 gears, has shift kit (B and M )should I put a tranny cooler and a tranny temp gauge in it? Eng has ported heads, 484 mp cam, 10.5 to 1 ..Nothing seems to be wrong, just a bit scared !!!!!